GBP/JPY advanced near 182.50, up by 0.44%.The 100 and 20-day SMA are converging towards 181.50.Indicators on the daily chart suggest that bullish momentum is still weak.
On Tuesday, GBP/JPY went up to 182.50, but it might not stay strong. The chart looks like it might not be good for the British Pound against the Japanese Yen.
The GBP/JPY seems to be in a state where neither the bulls nor the bears are clearly winning. Even though the Relative Strength Index (RSI) is positive, it doesn’t seem like the bulls have the energy to keep pushing up. Also, the Moving Average Convergence (MACD) is not showing much movement.
The 20-day and 100-day Simple Moving Averages are getting closer to each other around the 181.50 area. If they cross, it could give the bears more power, which usually happens when a short-term moving average goes below a long-term one.
So, there’s support around 181.50, then 181.00 and 180.00. But if things turn around, there are resistance levels at 183.00, 183.50, and 184.00.
